Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending December 31, 2025（273.81 KB）

Company name: Listing:

Tokyo Ohka Kogyo Co., Ltd.

Tokyo Stock Exchange (Prime Market)

November 11, 2025

Securities Code: 4186 URL: https://www.tok.co.jp/eng Representative: Noriaki Taneichi, President and Chief Executive Officer

Inquiries: Daisuke Matsuyama, General Manager, Accounting Department TEL: +81-44-435-3000 Scheduled date to commence dividend payments: －

Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending December 31, 2025 (January 1, 2025 to September 30, 2025)

   1. Consolidated Operating Results (% indicates the rate of increase/decrease year-on-year.)

      	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
      First nine months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      September 30, 2025	172,779	17.9	31,893	37.2	32,758	36.3	22,064	41.1
      September 30, 2024	146,547	23.5	23,243	50.5	24,034	44.9	15,636	107.9

      (Note) Comprehensive income: First nine months ended September 30, 2025 ¥24,933 million [40.7%]

      First nine months ended September 30, 2024 ¥17,721 million [2.1%]

      	Basic earnings per share	Diluted earnings per share
      First nine months ended	Yen	Yen
      September 30, 2025	184.28	184.14
      September 30, 2024	129.08	128.94

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity ratio
   As of	Millions of yen	Millions of yen	%
   September 30, 2025	299,525	225,403	71.1
   December 31, 2024	281,930	213,473	71.1

   (Reference) Equity: As of September 30, 2025: ¥213,023 million As of December 31, 2024: ¥200,533 million

2. Cash Dividends

   	Annual dividends per share
   	1stquarter	2ndquarter	3rdquarter	Year-end	Total
   Fiscal year ended December 31, 2024	Yen -	Yen 29.00	Yen -	Yen 34.00	Yen 63.00
   Fiscal year ending December 31, 2025	-	35.00	-
   Fiscal year ending December 31, 2025 (Forecast)			-	35.00	70.00

   (Note) Revisions to the most recently disclosed dividend forecasts: None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2025 (January 1, 2025 to December 31, 2025) (% indicates the rate of increase/decrease year-on-year)

(Note) Revisions to the most recently disclosed financial results forecast: No

There has been no change in the financial results forecast announced on August 6, 2025.

1. Significant changes in the scope of consolidation during the period: None

2. Application of special accounting treatment in preparing the quarterly consolidated financial statements: None

3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of September 30, 2025	127,800,000 shares
      As of December 31, 2024	127,800,000 shares

   2. Number of treasury shares at the end of the period

      As of September 30, 2025	7,920,738 shares
      As of December 31, 2024	7,851,327 shares

   3. Average number of shares outstanding during the period

• Review of the accompanying quarterly consolidated financial statements by certified public accountants or an audit firm: No

• Explanation of the proper use of financial results forecast and other special notes

The financial results forecast stated in this report is based on the information available as of the date of the release of this report, and actual results may differ from the forecast due to a variety of factors.

• Table of contents of the attached document

  1. Overview of Operating Results, Etc. 2

     1. Overview of Operating Results for the First Nine Months Ended September 30, 2025 2

     2. Overview of Financial Position as of September 30, 2025 2

     3. Explanation about Future Forecast Information Including Consolidated Financial Results Forecast 2

  2. Quarterly Consolidated Financial Statements and Major Notes 3

     1. Quarterly Consolidated Balance Sheet 3

     2. Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income 5

        Quarterly Consolidated Statement of Income

        First Nine Months Ended September 30, 2024 and 2025 5

        Quarterly Consolidated Statement of Comprehensive Income

        First Nine Months Ended September 30, 2024 and 2025 6

     3. Notes to the Quarterly Consolidated Financial Statements 7

(Notes Concerning Segment Information, Etc.) 7

(Notes Concerning Significant Changes in Shareholders' Equity) 7

(Notes Concerning Going Concern Assumption) 7

(Notes Concerning Quarterly Consolidated Statement of Cash Flows) 7

(Notes Concerning Quarterly Consolidated Statement of Income) 7

(Revenue Recognition) 7

1. Overview of Operating Results, Etc.
   1. Overview of Operating Results for the First Nine Months Ended September 30, 2025

      During the nine months ended September 30, 2025, the electronics market, which is the main customers for the Group's products, saw a year-on-year increase in demand for semiconductors driven by a steady growth in demand for PCs backed by replacement trends, in addition to strong demand for generative AI-related products, despite a less growth in demand for smartphones.

      Amid such circumstances, the Group launched this year "tok Medium-Term Plan 2027," a three-year medium-term plan with FY2027 as the final year under the management vision to become "The e-Material Global CompanyTM" contributing to a sustainable future through chemistry. With the slogan of "Go beyond 27, Jump to the Future !!," the Plan aims to attain the long-term vision toward 2030, "tok Vision 2030," by setting the following six qualitative objects: "Gain No.1 global market share of cutting-edge photoresists," "Increase global share in all business fields with an eye on tok Vision 2030," "Create businesses in new fields," "Secure stable supplies of high-quality products," "Improve employee engagement," and "Establish a robust management foundation to realize tok Vision 2030."

      As a result, for the nine months ended September 30, 2025, the Group recorded net sales of ¥172,779 million (up 17.9% year-on-year), operating income of ¥31,893 million (up 37.2% year-on-year), ordinary income of ¥32,758 million (up 36.3% year-on-year), and profit attributable to owners of parent of ¥22,064 million (up 41.1% year-on-year).

      Net sales in the Electronic Functional Materials amounted to ¥90,902 million (up 14.9% year-on-year), in the High-Purity Chemicals amounted to ¥79,869 million (up 21.2% year-on-year) and in the other amounted to ¥2,007 million (up 31.0% year-on-year).

   2. Overview of Financial Position as of September 30, 2025

      (Assets)

      Total assets as of September 30, 2025 increased by ¥17,595 million from December 31, 2024 to ¥299,525 million. Total current assets decreased by ¥2,129 million mainly due to a decrease in cash and deposits of ¥4,274 million. Total non-current assets increased by ¥19,724 million mainly due to an increase in property, plant and equipment of

      ¥14,108 million associated with capital investments and an increase in investments and other assets of ¥5,550 million resulting from purchase of shares.

      (Liabilities)

      Total liabilities as of September 30, 2025 increased by ¥5,665 million from December 31, 2024 to ¥74,122 million mainly due to an increase in long-term borrowings of ¥10,000 million despite a decrease in short-term borrowings of

      ¥4,077 million. (Net assets)

      Total net assets as of September 30, 2025 increased by ¥11,930 million from December 31, 2024 to ¥225,403 million mainly because retained earnings increased by ¥13,789 million due to securing of profit.

      As a result, the equity ratio as of September 30, 2025 stood at 71.1%.

   3. Explanation about Future Forecast Information Including Consolidated Financial Results Forecast

   There has been no change in the financial results forecast announced on August 6, 2025. The foreign exchange rate is assumed to be $1=¥140.

   In the event that we need to revise, we will disclose promptly.

2. Quarterly Consolidated Financial Statements and Major Notes
   1. Quarterly Consolidated Balance Sheet

      FY12/24

      (As of December 31, 2024)

      (Millions of yen)

      First nine months of FY12/25 (As of September 30, 2025)

      Assets

      Current assets
      Cash and deposits	59,047	54,772
      Notes and accounts receivable - trade	42,846	46,798
      Securities	3,999	-
      Merchandise and finished goods	12,602	14,691
      Work in process	9,539	9,717
      Raw materials and supplies	14,744	14,764
      Other	9,079	8,982
      Allowance for doubtful accounts	(90)	(86)
      Total current assets	151,770	149,640
      Non-current assets
      Property, plant and equipment
      Buildings and structures, net	40,267	43,599
      Other, net	49,675	60,451
      Total property, plant and equipment	89,942	104,051
      Intangible assets	1,811	1,876
      Investments and other assets
      Retirement benefit asset	9,404	9,508
      Other	29,008	34,448
      Allowance for doubtful accounts	(5)	-
      Total investments and other assets	38,406	43,956
      Total non-current assets	130,160	149,885
      Total assets	281,930	299,525

      FY12/24

      Current liabilities
      Notes and accounts payable - trade	26,869	27,432
      Short-term borrowings	4,442	364
      Income taxes payable	5,020	4,079
      Provision for bonuses	3,479	5,564
      Other	14,291	13,126
      Total current liabilities	54,104	50,568
      Non-current liabilities
      Long-term borrowings	6,100	16,100
      Retirement benefit liability	280	307
      Other	7,972	7,145
      Total non-current liabilities	14,352	23,553
      Total liabilities	68,456	74,122
      Net assets
      Shareholders' equity
      Share capital	14,640	14,640
      Capital surplus	15,612	15,899
      Retained earnings	159,313	173,103
      Treasury shares	(15,796)	(16,586)
      Total shareholders' equity	173,769	187,056
      Accumulated other comprehensive income
      Valuation difference on available-for-sale securities	9,509	10,513
      Foreign currency translation adjustment	13,649	12,025
      Remeasurements of defined benefit plans	3,605	3,427
      Total accumulated other comprehensive income	26,764	25,967
      Share acquisition rights	121	79
      Non-controlling interests	12,818	12,300
      Total net assets	213,473	225,403
      Total liabilities and net assets	281,930	299,525

      (As of December 31, 2024)

      (Millions of yen)

      First nine months of FY12/25 (As of September 30, 2025)

      Liabilities

   2. Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income (Quarterly Consolidated Statement of Income)

      (Millions of yen)

      	First nine months of	First nine months of
      	FY 12/24	FY 12/25
      	(January 1, 2024 - September 30, 2024)	(January 1, 2025 - September 30, 2025)
      Net sales	146,547	172,779
      Cost of sales	93,575	108,347
      Gross profit	52,972	64,431
      Selling, general and administrative expenses	29,728	32,537
      Operating income	23,243	31,893
      Non-operating income
      Interest income	260	307
      Dividend income	363	416
      Share of profit of investments accounted for using equity method	-	168
      Gain on valuation of derivatives	32	-
      Subsidy income	327	397
      Other	375	327
      Total non-operating income	1,359	1,618
      Non-operating expenses
      Interest expenses	64	112
      Share of loss of investments accounted for using equity method	77	-
      Loss on valuation of derivatives	-	278
      Foreign exchange losses	350	68
      Commission expenses	19	229
      Other	55	64
      Total non-operating expenses	567	753
      Ordinary income	24,034	32,758
      Extraordinary income
      Gain on change in equity	183	-
      Gain on sale of non-current assets	15	11
      Gain on sale of investment securities	508	245
      Gain on receipt of contingent consideration	-	*1,422
      Total extraordinary income	707	1,679
      Extraordinary losses
      Loss on retirement of non-current assets	89	70
      Other	0	0
      Total extraordinary losses	89	70
      Profit before income taxes	24,652	34,367
      Income taxes - current	7,040	8,910
      Income taxes - deferred	(1,013)	(573)
      Total income taxes	6,027	8,336
      Profit	18,625	26,030
      Profit attributable to non-controlling interests	2,989	3,966
      Profit attributable to owners of parent	15,636	22,064

      (Quarterly Consolidated Statement of Comprehensive Income)

      First nine months of FY 12/24

      (January 1, 2024 - September 30, 2024)

      (Millions of yen)

      First nine months of FY 12/25

      (January 1, 2025 - September 30, 2025)

      Profit 18,625 26,030

      Valuation difference on available-for-sale securities

      28

      1,003

      Other comprehensive income

      Foreign currency translation adjustment (1,013) (1,923)

      Remeasurements of defined benefit plans	81 (177)
      Total other comprehensive income	(903) (1,096)
      Comprehensive income	17,721 24,933
      Comprehensive income attributable to:
      Owners of parent	14,880	21,266
      Non-controlling interests	2,840	3,667

   3. Notes to the Quarterly Consolidated Financial Statements (Notes Concerning Segment Information, Etc.)

      [Segment information]

      1. First nine months of the fiscal year ended December 31, 2024 (January 1, 2024 - September 30, 2024)

         1. Information about net sales and income or loss by reportable segment

            The disclosure is omitted as the Group operates a single business segment.

      2. First nine months of the fiscal year ending December 31, 2025 (January 1, 2025 - September 30, 2025)

         1. Information about net sales and income or loss by reportable segment

The disclosure is omitted as the Group operates a single business segment.

Not applicable.

Not applicable.

Quarterly consolidated statement of cash flows for the first nine months ended September 30, 2025 is not prepared.

Depreciation (including amortization of intangible assets) for the first nine months ended September 30, 2024 and 2025 is as follows:

First nine months of FY 12/24

(January 1, 2024 - September 30, 2024)

(Millions of yen) First nine months of

FY 12/25

(January 1, 2025 - September 30, 2025)

Depreciation 6,199 6,351

*Gain on receipt of contingent consideration

First nine months of the fiscal year ending December 31, 2025 (January 1, 2025 - September 30, 2025)

A share transfer agreement previously entered into by the Company contained a clause stipulating that additional consideration may be received if certain conditions are met. For the first nine months ended September 30, 2025, the Company met the conditions and received additional consideration, which was recorded in extraordinary income.

Information on the breakdown of revenue arising from contracts with customers

The Group operates a single business segment, and the information on the breakdown of revenue arising from contracts with customers is as follows.

(Millions of yen)